3rd Qtr & 9 Mths Rslts - Pt 2
General Motors Corp
18 October 2001
PART 2
HUGHES FINANCIAL GUIDANCE
Prior Full Year 2001 Revised Full Year 2001
Hughes
Revenues approx.-$8.3B No Change
EBITDA $450-500M* No Change*
Cash Requirements $2.5 - 3.0B $2.5B
DIRECTV U.S.
Revenue $5.5 - 5.6B No Change
EBITDA $250-300M* $200 - 250M*
Net Subscriber Adds 1.1M 1.2 - 1.3M**
DIRECTV DSL
EBITDA $(100)M - (120)M No Change
Net Subscriber Adds approx.-75K 40 - 50K
DIRECTV Latin America
Revenue approx.-725M No Change
EBITDA approx.-$(100)M* No Change*
Net Subscriber Adds 300K No Change
PanAmSat
Revenue $825 - 835M $860 - 870M
New Outright Sales and Sales-
Type Leases None $45.5M
EBITDA Margin Mid to high 60% range No Change
Hughes Network Systems
Revenue approx.-$1.3B No Change
EBITDA $(100)M - $(150)M $(100)M - $(115)M
Spaceway
(Included in HNS totals) $(25)M - (35)M No Change
DIRECWAY Net Sub Adds approx.-150K 50 - 65K
DIRECWAY EBITDA
(Included in HNS totals) $(150)M - (180)M $(125)M - (155)M
* EBITDA guidance excludes the impact of the third quarter 2001 severance
charges of $48M at DIRECTV US; $10M at DIRECTV Latin America; $7M at PanAmSat;
and $65M total at HUGHES.
** Excludes impact of 143K database adjustment in Q3 2001
NOTE: Hughes Electronics Corporation believes that some of the foregoing
statements may constitute forward-looking statements. When used in this report,
the words 'estimate,' 'plan,' 'project,' 'anticipate,' 'expect,' 'intend,'
'outlook,' 'believe,' and other similar expressions are intended to identify
such forward-looking statements and information. Important factors that may
cause actual results of HUGHES to differ materially from the forward-looking
statements in this report are set forth in the Form 10-Ks filed with the SEC by
General Motors and HUGHES.
1 EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the
sum of operating profit (loss) and depreciation and amortization. EBITDA margin
is calculated by dividing EBITDA by total revenues.
CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
September 30,
2001 December 31,
(Unaudited) 2000
ASSETS
Current Assets
Cash and cash equivalents $ 698.5 $ 1,508.1
Accounts and notes receivable 1,275.5 1,253.0
Contracts in process 156.3 186.0
Inventories 374.8 338.0
Deferred income taxes 103.1 89.9
Prepaid expenses and other 1,054.5 778.7
Total Current Assets 3,662.7 4,153.7
Satellites, net 4,617.6 4,230.0
Property, net 2,097.4 1,707.8
Net investment in Sales-type Leases 233.5 221.1
Intangible Assets, net 7,288.5 7,151.3
Investments and Other Assets 1,225.4 1,815.4
Total Assets $19,125.1 $ 19,279.3
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities
Accounts payable $ 1,407.9 $ 1,224.2
Deferred revenues 181.7 137.6
Short-term borrowings and current portion
of long-term debt 838.3 24.6
Accrued liabilities and other 1,909.3 1,304.5
Total Current Liabilities 4,337.2 2,690.9
Long-Term Debt 975.0 1,292.0
Other Liabilities and Deferred Credits 1,547.9 1,647.3
Deferred Income Taxes 619.6 769.3
Commitments and Contingencies
Minority Interests 527.2 553.7
Stockholder's Equity 11,118.2 12,326.1
Total Liabilities and Stockholder's Equity $19,125.1 $ 19,279.3
Holders of GM Class H common stock have no direct rights in the equity or assets
of Hughes, but rather have rights in the equity and assets of General Motors
(which includes 100% of the stock of Hughes).
- 20 -
CONSOLIDATED STATEMENTS OF OPERATIONS AND
AVAILABLE SEPARATE CONSOLIDATED NET INCOME (LOSS)
(Dollars in Millions)
(Unaudited)
Nine Months
Third Quarter Ended September 30,
2001 2000 2001 2000
Revenues
Direct broadcast, leasing and
other services $1,830.9 $1,485.5 $5,267.7 $4,523.3
Product sales 272.4 203.0 713.7 705.3
Total Revenues 2,103.3 1,688.5 5,981.4 5,228.6
Operating Costs and Expenses
Broadcast programming and other
costs 830.1 681.4 2,355.4 2,035.9
Cost of products sold 246.7 146.2 590.4 580.6
Selling, general and administrative
expenses 950.0 753.0 2,763.9 2,171.9
Depreciation and amortization 280.2 238.3 850.9 673.1
Total Operating Costs and Expenses 2,307.0 1,818.9 6,560.6 5,461.5
Operating Loss (203.7) (130.4) (579.2) (232.9)
Interest income 9.4 7.1 52.2 15.3
Interest expense (40.6) (66.5) (134.0) (169.2)
Other, net (86.3) (11.9) (90.0) (294.4)
Loss From Continuing Operations
Before Income Taxes, Minority
Interests and Cumulative
of Accounting Change (321.2) (201.7) (751.0) (681.2)
Income tax benefit 93.1 77.8 217.8 354.4
Minority interests in net losses
of subsidiaries 0.9 19.6 51.6 31.7
Loss from continuing operations
before cumulative affect of
accounting change (227.2) (104.3) (481.6) (295.1)
Income from discontinued operations,
net of taxes - 10.5 - 50.3
Loss before cumulative effect of
accounting change (227.2) (93.8) (481.6) (244.8)
Cumulative effect of accounting
change, net of taxes - - (7.4) -
Net Loss (227.2) (93.8) (489.0) (244.8)
Adjustment to exclude the effect
of GM purchase accounting 0.9 5.3 2.5 15.9
Loss Excluding the Effect of GM
Purchase Accounting Adjustment (226.3) (88.5) (486.5) (228.9)
Preferred stock dividends (24.1) (24.1) (72.3) (72.9)
Loss Used for Computation of
Available Separate Consolidated
Net Income (Loss) $(250.4) $(112.6) $(558.8) $(301.8)
Available Separate Consolidated
Net Income (Loss)
Average number of shares of General
Motors Class H
Common Stock Outstanding
(in millions) (Numerate) 876.8 873.9 876.0 616.7
Average Class H dividend
(in millions)(Denominator) 1,300.5 1,297.8 1,299.7 1,296.5
Available Separate Consolidated
Net Income $(168.8) $(75.8) $(376.6) $(143.3)
Certain 2000 amounts have been reclassified to conform to the 2001 present
-21-
SELECTED SEGMENT DATA
(Dollars in Millions)
Unaudited)
Nine Months
Third Quarter Ended September 30,
2001 2000 2001 2000
DIRECT-TO-HOME BROADCAST
Total Revenues $ 1,572.6 $ 1,291.5 $ 4,590.2 $3,717.5
EBIDTA (1) $ (74.2) $ (17.7) $ (69.5) $ (40.9)
Operating Loss $ (245.4) $ (150.1) $ (573.8) $ (410.9)
Depreciation and Amortization $ 171.2 $ 132.4 $ 504.3 $ 370.0
Capital Expenditures $ 168.6 $ 262.0 $ 522.5 $ 649.1
SATELLITE SERVICES
Total Revenues $ 252.9 $ 199.3 $ 666.4 $ 820.7
EBITDA (1) $ 166.2 $ 135.5 $ 440.7 $ 557.9
EBITDA Margin (1) 65.7% 68.0% 66.1% 68.0%
Operating Profit $ 62.1 $ 52.0 $ 136.0 $ 319.1
Operating Profit Margin 24.6% 26.1% 20.4% 38.9%
Depreciation and Amortization $ 104.1 $ 83.5 $ 304.7 $ 238.8
Capital Expenditures $ 80.3 $ 109.4 $ 241.7 $ 317.6
NETWORK SYSTEMS
Total Revenues $ 339.7 $ 284.0 $ 890.1 $1,020.3
EBITDA (1) $ (22.6) $ 16.8 $ (97.7) $ 34.4
Operating Profit/(Loss) $ (35.1) $ 1.6 $ (144.2) $ (15.4)
Depreciation and Amortization $ 12.5 $ 15.2 $ 46.5 $ 49.8
Capital Expenditures $ 121.9 $ 79.2 $ 467.2 $ 241.0
ELIMINATIONS AND OTHER
Total Revenues $ (61.9) $ (86.3) $ (165.3) $ (329.9)
EBITDA (1) $ 7.1 $ (26.7) $ (1.8) $ (111.2)
Operating Profit (Loss) $ 14.7 $ (33.9) $ 2.8 $ (125.7)
Depreciation and Amortization $ (7.6) $ 7.2 $ (4.6) $ 14.5
Capital Expenditures $ (4.8) $ (24.6) $ (4.0) $ (2.3)
TOTAL
Total Revenues $ 2,103.3 $ 1,688.5 $5,981.4 $5,228.6
EBITDA (1) $ 76.5 $ 107.9 $ 271.7 $ 440.2
EBITDA Margin (1) 3.6% 6.4% 4.5% 8.4%
Operating Loss $ (203.7) $ (130.4) $(579.2) $(232.9)
Depreciation and Amortization $ 280.2 $ 238.3 $ 850.9 $ 673.1
Capital Expenditure $ 366.0 $ 426.0 $1,227.4 $1,205.4
(1) EBITDA (Earnings Before Interests, Taxes, Depreciation and Amortization) is
the sum of operating profit(loss) and depreciation and amortization. EBITDA
margin is calculated by dividing EBITDA by total revenues.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorised.
Date: October 18, 2001
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